Wells Fargo Advantage Utilities & High Income Fund (the Fund), formerly Evergreen Utilities and High Income Fund, is a non-diversified closed-end management investment company. The primary investment objective of the Fund is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax advantaged dividend income. The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund invests in term loans. Wells Fargo Funds Management LLC is the investment adviser of the Fund. Wells Capital Management Incorporated is the sub advisor.